The following story has been edited to properly identify American Real Estate Partners, owner of Riverside on the James.
Commercial Real Estate Direct Staff Report
American Real Estate Partners is offering for sale Riverside on the James, a 261,527-square-foot office property in downtown Richmond, Va.
The Herndon, Va., investment manager is offering the property, at 1001 Haxall Point Road, near Interstate 95, through Cushman & Wakefield.
The property was on-track to generate about $6 million of net operating income last year, according to servicer data compiled by Trepp LLC. Based on the NOI, as well as a capitalization rate of 7 percent, the 15-story property could be valued at about $86 million, or $326/sf.
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